Japan’s Financial Action Task Force Approves Crypto ‘SWIFT’ Network

Asia Blockchain Review

July 28, 2019

Japan’s Financial Action Task Force (FATF) has reportedly greenlighted a project that will see the establishment of an international cryptocurrency payments network that would work in the same way as the SWIFT network.

A New Initiative for the Cryptocurrency Industry

According to Coindesk, a source close to the Japanese task force reportedly told Reuters that in June 2019, the FATF approved the establishment of the crypto network, to be introduced with the aim of addressing the issue of money laundering.

Moreover, officials from the international money laundering task force would participate in the project, which will be carried out in cooperation with various agencies from other countries.

The source added that the project is a joint effort between Japan’s Ministry of Finance and the Financial Services Agency (FSA) watchdog.

Japanese Authorities Actively Developing Virtual Currency Network

In the past few years, the Japanese virtual currency community has seen several crypto exchange hacks, including those that attracted attention from crypto developers and enthusiasts around the world, such as Mt. Gox and Coincheck.

Ever since the Mt. Gox incident, Japanese authorities have been actively developing cryptocurrency regulations. In 2017, Japanese regulators announced a licensing scheme for exchanges and amended its financial rules, finally allowing Bitcoin to be recognized as a legal payment method.

Nations around the world have been monitoring Japan’s progress regarding crypto regulation, especially at the recent G20 meeting in Osaka. The country also introduced a working group to discuss regulatory issues regarding Facebook’s Libra cryptocurrency project.

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Asia Blockchain Review aims to connect all blockchain enthusiasts on a regional scale, facilitating the technological underpinnings of blockchain through a range of group discussions, technical workshops, conferences and consulting programs.